Air France KLM SA (OTCPK:AFRAF) Q2 2020 Earnings Conference Call July 31, 2020 2:30 AM ET
Benjamin Smith – CEO & Director
Frederic Gagey – CFO
Conference Call Participants
Daniel Roeska – Sanford C. Bernstein & Co.
Savi Syth – Raymond James & Associates
Jarrod Castle – UBS Investment Bank
Neil Glynn – Crédit Suisse
James Hollins – Exane BNP Paribas
Andrew Lobbenberg – HSBC
Malte Schulz – Commerzbank
Johannes Braun – MainFirst Bank
Good day, and welcome to the Half Year 2020 Results Presentation. Today’s conference is being recorded. At this time, I would like to turn the conference over to Benjamin Smith, CEO of Air France-KLM. Please go ahead, sir.
Good morning. Hi. Welcome [indiscernible] quarter 2020 results call. As you are all well aware, our industry is amongst the hardest hit by this unprecedented crisis with April and May activity levels near 0, both in our home market as well as in most other countries in Europe and around the world. In June, we saw demand start to show some signs of recovery, mainly in Europe. However, demand ramp-up remains still very uncertain.
COVID-19 triggered a global industry restructuring in which airlines are forced to make bold decisions. This has large implications for our group, our employees, our customers, our shareholders and all other stakeholders. I imagine you have many questions about the current situation we are facing and what it means for our future. Therefore, I suggest we go through the Q2 2020 results relatively quickly and then focus on the situation at hand and our go-forward plan in the context of the COVID-19